National Express appoints new finance director and North America CEO

National Express has appointed Chris Davies as group finance director, succeeding Matthew Ashley, who has been appointed chief executive of the transport company’s North American division, its largest business.

Davies will join National Express in early May and will initially work alongside Matthew Ashley during a transition period, before taking up the role full time after the shareholder meeting on 10 May, when he will also join the board as an executive director.

Davies joined National Express from Inchcape, where he was the financial controller and treasurer, and also acted as interim chief financial Officer for Inchcape for four months last year. He has also worked for Andersen Consulting, Boots, Marakon Associates, and spent 10 years at Diageo,

Ashley had been National Express’ group Finance Director for two and a half years and will remain an executive director of the board.

Following the shareholder meeting in May, Ashley will work alongside the existing chief executive for North America, David Duke, who is retiring, until 1 September 2017, to ensure a smooth transition. Duke will remain with the business as a senior counsel as part of a long-planned phased retirement.

The company said that Ashley helped to grow National Express' market capitalisation by around 35% and recently completed a bond refinancing to deliver cost savings.

Chairman Sir John Armitt, said: "David has led our North American business with great skill and is hugely respected by staff, customers and the communities we serve alike. David has been in discussions with us about retiring for some time and I am glad that he is able to do that in a managed way that also allows us to retain his experience and knowledge."